The award winning financial website of the year, thisismoney.co.uk has reported that first-time buyers need a hefty 13% of the purchase price since the mass withdrawal of 95% and 100% mortgages.

It is now clear that the fallout of the credit crunch is spreading from housing to the rest of the economy. The Property Step has found an increasing number of sellers are unable to move onto the next step as no-one will buy their home.